Set against the backdrop of WWI Europe, a man and woman of different classes are brought together by their love of Lippizan horses.

In his last film assignment, portly Walter Connolly fills the title role (in more ways than one) in The Great Victor Herbert. Very little of Herbert's life story is incorporated in the screenplay (a closing title actually apologizes for the film's paucity of cold hard facts); instead, the writers allow the famed composer's works to speak for themselves. In the tradition of one of his own operettas, Herbert spends most of his time patching up the shaky marriage between tenor John Ramsey (Allan Jones) and Louise Hall (Mary Martin). Many of Herbert's most famous compositions are well in evidence, including "Ah! Sweet Mystery of Life", "March of the Toys" and "Kiss Me Again", the latter performed con brio by teenaged coloratura Susanna Foster. Evidently, the producers were able to secure the film rights for the Herbert songs, but not for the stage productions in which they appeared, which may explain such bizarre interpolations as having a song from Naughty Marietta.

An embittered Louie Peronni returns from prison to find that his sister, Juli Peronni, is engaged to policeman Eddie Farrell, and also finds that his secret wife Annie Qualen has placed their baby girl in a foundling home. With his old gang again, Louie plans a robbery of a fur warehouse. Louie shoots down the night watchman and is trailed home where his father Guiseppe Peronni persuades him not to fight it out with the police. Determined to let Louie take the full rap, the gang kidnaps the district attorney's daughter.